Banca d’Italia mandates access to basic accounts for foreign residents

Banca d’Italia has issued a directive to banks, Poste Italiane, and other payment service providers to ensure that foreign citizens residing legally in the European Union can access basic bank accounts. The central bank noted that access is often hindered by unjustified refusals, unrecognized documentation, and insufficient information.

Basic accounts are designed to promote financial inclusion by allowing essential daily operations such as depositing and withdrawing money, receiving transfers, and paying bills. For economically vulnerable individuals with an ISEE below 11,600 euros, these accounts are exempt from fees and stamp duties. The directive requires financial intermediaries to update their procedures and practices by November 30, 2026, to remove obstacles facing asylum seekers, refugees, and other vulnerable populations.